BP to acquire full ownership of Fowler Ridge 1 wind farm
BENTON CO., Ind. (Inside INdiana Business) Texas-based BP Wind Energy Inc. has agreed to acquire the remaining 50% interest in the Fowler Ridge 1 wind farm in Benton County from its current partner, Virginia-based utility Dominion Energy. Financial details were not disclosed.
The farm includes 162 wind turbines that can generate 300 megawatts of power. Fowler Ridge 1 is one of three interconnected farms with a total of 355 wind turbines on 42,000 acres.
The complex is located along Interstate 65 about 30 miles northwest of Lafayette.
“We are excited to announce this transaction in the context of bp’s ambition to become a net-zero company,” said bpWE Chief Executive Officer Al Vickers. “We have the operating, trading, and financial capabilities to operate efficiently, extend the life of assets and maximize the value from wind energy. This reflects our confidence in renewable energy, and the possibility for further growth in this sector.”
The company says once the deal is complete, it will boost BP’s net wind generation capacity by more than 15%, totaling 1,076 MW of energy.
The combined Fowler Ridge complex is bpWE’s largest wind generation facility in the U.S.
The company operates nine onshore wind assets across six states and holds an ownership interest in a tenth, in Hawaii.
The Fowler Ridge 1 transaction is expected to close before the end of the year, pending regulatory approval.